Halliburton Sees World Headed for Oil Scarcity Amid Spending Cut

Halliburton Co., the biggest provider of fracking, warned that the world is headed into a period of scarcity for oil after seven years of underinvestment following crude’s plummet from $100 a barrel in 2014.

“For the first time in a long time, we’ll see a buyer looking for a barrel of oil as opposed to a barrel of oil looking for a buyer,” Jeff Miller, chief executive officer at the Houston-based oilfield contractor, told an audience at the World Petroleum Congress on Monday.